Are there any restrictions relating to use of office software-home license with regard to the purpose for which it gets used? Is the owner of the license prohibited from preparing
material (documents or slides) which may be used for profit/commercial purposes?
Nothing in the software would technically prevent you from using Office 365 Home Edition in your business, but this is not the same as being licensed for use in a business environment.
The license from Microsoft explicitly prohibits the use of Home Edition in a business environment, as follows:
“Office 365 Home: On five PCs/Macs and five tablets, for use only by members of the same household as the licensed subscriber.”
“Only one person at a time may use the software on each licensed device. The service/software may not be used for commercial, non-profit, or revenue-generating activities.”